Six big banks in Nigeria, including United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC, couldn't join a recent money auction by the Central Bank of Nigeria (CBN).
This auction had the CBN...
The Central Bank of Nigeria (CBN) recently ran a Retail Dutch Auction System (rDAS) on August 6, 2024. They did this to help control the high demand for foreign currency and to understand its true value.
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The Naira got stronger against the dollar on Friday. It traded at N1,585/$, which is better than Thursday's N1,590/$ in the street market.
In the Nigerian Authorized Foreign Exchange Market (NAFEM), the Naira also...
The Central Bank of Nigeria (CBN) has shared some happy news. In July 2024, they got a lot more money sent into Nigeria from other countries, reaching $553 million. This is a big 130% jump compared to July 2023.
This...
People who trade money say the naira is getting weaker and the exchange market is always changing because the Central Bank of Nigeria (CBN) doesn't always give Bureau De Change (BDC) operators dollars regularly.BDC operators admit that when the...
The Dangote Group, which owns many businesses, got a big chunk of money in the latest Central Bank of Nigeria (CBN) auction. They managed to buy $105.33 million in foreign exchange (FX) bids. This makes up about 13% of...
In the past week, the Naira had trouble keeping at N1,600 in the official foreign exchange (FX) market, even though the US Dollar index was at its lowest level since January.
According to FMDQ...
The Nigerian foreign exchange (FX) market saw less activity in early August 2024. This happened at the same time as the Central Bank of Nigeria (CBN) held a Retail Dutch Auction.
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In the first half of 2024, Nigeria's federal, state, and local governments made around N2.74 trillion from exchange rate gains.This information comes from reports by the Federation Account Allocation Committee (FAAC), shared by the National Bureau of Statistics (NBS).Gains...
